Macarthur Minerals Limited (TSXV: MMS) (OTCQB: MMSDF) announced a private placement aiming to raise A$2 million.

Private Placement Funding Details

The placement targets sophisticated, professional, and institutional investors at AUD 0.053 per share. For every two shares issued, one option will attach with an exercise price of AUD 0.10, expiring 24 months from issuance.

The new shares will be on par with the existing ordinary shares of the company. The placement will close upon receiving all necessary regulatory approvals, including ASX and TSXV approvals.

The securities, subject to exchange approvals, will be issued under the company’s ASX Listing Rule 7.1 and the additional placement capacity under Listing Rule 7.1A. Any subscription over the existing capacity requires shareholder approval at the upcoming Annual General Meeting.

Utilization of Funds

The proceeds will support working capital and operational expenses, including salaries and management fees, as we advance the marketing efforts for the Lake Giles magnetite project.

Management and Investor Fees

A management and investor fee of 7% of the gross proceeds will be applied. Finclear DVP Settlement fee is $5,500. 180 Markets is the Manager on the placement.

Collaboration with Golden Valley

Macarthur Minerals is collaborating with Golden Valley to bring the hematite ore from the Lake Giles Ularring Hematite Project into production. The company will support all efforts to ensure the success of this partnership.

Chairman’s Comment

Cameron McCall, Chairman of Macarthur Minerals, announced, “We are pleased to offer this private placement to qualified investors. This initiative supports our operational endeavors, including the advancement of the Lake Giles magnetite project. We appreciate our investors’ commitment and support. We also anticipate progressing our partnership with Gold Valley to bring our hematite operation into production.”

Company Profile

Macarthur Minerals focuses on developing its Western Australia iron ore projects, including the Lake Giles Iron Project, and holds exploration interests in the Pilbara region. The company also has lithium brine claims in Nevada, USA. All mineral resource and ore reserve estimates align with previous ASX announcements on March 21, 2022.

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